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Float funds National Mail expansion countrywide

By Michele Simpson

Friday 10th March 2000

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Known for its blue post boxes sprouting up in Auckland, new postal carrier National Mail is now coming to market and floating on the Stock Exchange.

National Mail hopes to raise $14 million from the March 23 float by initially offering 11.2 million shares at $1.25 per share. But the initial share offer is only open to existing investors in the company and NZSE client members.

But once listed, the public would have a chance to invest in National Mail, a competitor to NZ Post in the Auckland market which hopes to go national within two years.

National Mail was set up in November 1998 and has businessmen behind it including Prestige Marketing founder and former chief executive Paul Meier. The chairman is Richard Fowler, a sharebroker with a background in merchant banking and investment.

National Mail put out a prospectus late last week highlighting its need to expand into Wellington and Christchurch by the end of the year.

"By 2002 National Mail intends to be the preferred business mail network with nationwide coverage, offering customers the most creative and flexible integrated mail solutions," the prospectus said.

National Mail, which boasts about 150 staff, will also be getting involved in e-commerce and internet business in the future, working them into its postal services, said Mr Fowler.

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